Ethiopia and the United Arab Emirates (UAE) have agreed to build an oil pipeline between Eritrea’s port city of Assab and Addis Ababa. This was revealed today during a meeting between Prime Minister Dr Abiy Ahmed and Reem Al Hashimy, UAE’s Minister of State for International Cooperation. During the meeting, the two sides also discussed ways to implement previously concluded investment agreements, which among others, include development of real estate and resorts, according to Fitusm Arega, Chief of Staff at the Prime Minister’s Office.

The two countries also agreed to conduct a study to build an oil pipeline between the port of Assab and Ethiopia, Fitusm, who attended the meeting, said. After the discussion, Reem Al Hashimy told Fana Broadcasting Corporation (FBC) that the UAE is keen to exploit the investment opportunities available in Ethiopia. The peace deal reached between Ethiopia and Eritrea is a good opportunity for the UAE to invest in Ethiopia, she added.

Fairfax Africa Fund, a US-based investment firm, in collaboration with multiple partners from Asian countries is planning to build an oil refinery in Ethiopia with a total investment cost of four billion US dollars.